Mr Sparkes said that while buyer confidence had been flat for some time demand for inner city housing was still strong.

“Genuine park living in the heart of one of the world’s most beautiful cities, minutes from the CBD, doesn't come along every day and market interest is very strong,” Mr Sparkes said.

“With a good selection of apartments at Park Lane priced below $600,000 and therefore with no stamp duty payable, affordability is yet another reason why the precinct will continue to draw interest from buyers.”